A Year in Two Halves

NGFarah’s Feature sale in November

3 Boomerang Street, Maroubra

Sold at auction $175,000 over reserve, after 60 years in the same family.

2019 started off with a lot of uncertainty. The market had been moving in a downward trend for some time, Auction Clearance rates were hovering around 50%, and Australians weren’t looking forward to another election and all the propaganda that goes with it.

There was no doubt that Australians were nervous about the possibility about having a Fourth Prime Minister in four years. It was not the instability that we voted for and as a result business confidence was low, consumer spendig was low, and Real Estate prices were feeling the same effect.

In May this year the Federal Election came and went and Australian’s voted in a new Prime Minister Scott Morrison. Since the re-election we have had the fasted growth in Real Estate since 1988, auction clearance rates are back to mid 70%, Property sales are strong across the Sydney Metropolitan area, prices also across Eastern Suburbs and lower North Shore have recovered since the 2017 downturn and all in all 2020 is shaping up for another big year.

There is no disputing that unit sales in some areas are still a little sluggish in the highly populated areas with units, sales have recovered half as fast this means there is still some value for buyers entering into the first home market.

What else is helping drive the market is record low interest rates and the recent changes in bank lending criteria’s and as for next year first home buyers will be able to access part of their super and buy property on 5% deposits.

In the past 5 weeks, NGFarah have recorded over $100Million Residential Sales. We are gearing ourselves up for a bumper February and March 2020 with some quality properties already listed.

If you would like an up to date market appraisal on your property, please don’t hesitate to contact one of our Property Specialists.